How come the good news at the board meeting never shows up in the numbers?

Occasionally one comment encapsulates the exasperations of VCs that invest in early stage companies.

One of our favourite comments came from a non-executive director in one of our portfolio companies, who was not familiar with the excitement and energy (read: hype!) of an early stage company. After a number of monthly board meetings in which he participated enthusiastically, he asked an innocent question:

‘You know, I have been coming to board meetings here for many months and I keep hearing about the great progress with prospects and partners. But how come the good news at the board meeting never shows up in the numbers?’